According to the announcement, the ticket price will jump from $2 per ticket to $5. However, lottery officials also noted that the price increase is one of many changes being implemented all of which will result in improved jackpot odds, potentially larger prizes, and bigger payouts.
Johnston was adamant that the rise in cost was both justified and something that customers would accept:
“Spending 5 bucks to become a millionaire or billionaire, that’s pretty good. You pay 5 bucks for your Starbucks.”
Johnston noted that projected declines in interest rates were not taken into account when planning the upcoming changes.
Johnston explained that the primary motivation was to set Mega Millions apart from Powerball and appeal to customers. He also noted that this is only the second price increase since Mega Millions was first launched in 2002.
Mega Millions Changes
Mega Millions Ticket Price to Increase by 150%The upcoming changes include:
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Mega Millions Ticket Price to Increase by 150%
- More frequent big jackpots Mega Millions Ticket Price to Increase by 150%
- Faster growing jackpots Mega Millions Ticket Price to Increase by 150%
- No breakeven prizes
The built-in multiplier will improve every non-jackpot win by 2X, 3X, 4X, 5X or 10X. This goes up $10 million for matching five white balls.
The Mega Millions and Powerball US lotteries are currently available in 45 states, Washington, D.C., and the U.S. Virgin Islands. Powerball is also offered in Puerto Rico.
Mega Millions Ticket Price to Increase by 150%
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.